United States Securities and Exchange Commission
Washington D.C. 20549
FORM 10-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the fiscal year ended August 31, 2001
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission file number 001-12673
RIVIERA TOOL COMPANY
(Exact name of registrant as specified in its charter)
MICHIGAN 38-2828870
---------------------------------------- ------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
5460 EXECUTIVE PARKWAY SE
GRAND RAPIDS, MI 49512
---------------------------------------- ------------------------
(Address of principal executive (Zip Code)
offices)
Registrant's telephone number, including area code: (616) 698-2100
Securities registered pursuant to Section 12(b) of the Act:
Common Stock, no par value
Securities registered pursuant to 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements for
the past 90 days. Yes X No
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]
The aggregate market value of the voting common stock of the Registrant (based
upon the last reported sale of the Common Stock at that date by the American
Stock Exchange) held by non-affiliates was $3,414,344 as of November 12, 2001.
The number of shares outstanding of the Registrant's common stock as of November
12, 2001 was 3,379,605 shares of common stock without par value.
DOCUMENTS INCORPORATED BY REFERENCE:
Part of Form 10-K Into Which Portions
Document of Documents are Incorporated
--------------------------------------------------------------- -------------------------------------------------------------
Riviera Tool Company 2001 Annual Report to Shareholders. Parts I, II and IV
Definitive Proxy Statement for the 2001 Annual Meeting of Part III
Shareholders filed with the Securities and Exchange Commission,
November, 2001.
THE MATTERS DISCUSSED IN THIS ANNUAL REPORT ON FORM 10-K CONTAIN CERTAIN
FORWARD-LOOKING STATEMENTS. FOR THIS PURPOSE, ANY STATEMENTS CONTAINED IN THIS
REPORT THAT ARE NOT STATEMENTS OF HISTORICAL FACT MAY BE DEEMED TO BE
FORWARD-LOOKING STATEMENTS. WITHOUT LIMITING THE FOREGOING, WORDS SUCH AS "MAY,"
"WILL," "EXPECT," BELIEVE," "ANTICIPATE," OR "CONTINUE," THE NEGATIVE OR OTHER
VARIATION THEREOF, OR COMPARABLE TERMINOLOGY, ARE INTENDED TO IDENTIFY
FORWARD-LOOKING STATEMENTS. THESE STATEMENTS BY THEIR NATURE INVOLVE SUBSTANTIAL
RISKS AND UNCERTAINTIES, AND ACTUAL RESULTS MAY DIFFER MATERIALLY DEPENDING UPON
A VARIETY OF FACTORS, INCLUDING CONTINUED MARKET DEMAND FOR THE TYPES OF
PRODUCTS AND SERVICES PRODUCED AND SOLD BY THE COMPANY.
RIVIERA TOOL COMPANY
Annual Report on Form 10-K
November 12, 2001
TABLE OF CONTENTS
PART I PAGE
------
Item 1. Business................................................................... 3
Item 2. Properties................................................................. 7
Item 3. Legal Proceedings.......................................................... 7
Item 4. Submission of Matters to a Vote of Security Holders........................ 7
PART II
-------
Item 5. Market for the Registrant's Common Stock and
Related Stockholder Matters................................................ 8
Item 6. Selected Financial Data.................................................... 8
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations........................................ 8
Item 8. Financial Statements and Supplemental Data................................. 8
Item 9. Changes in and Disagreements with Accountants
on Accounting and Financial Disclosure..................................... 8
PART III
--------
Item 10. Directors and Executive Officers of the Registrant......................... 9
Item 11. Executive Compensation..................................................... 9
Item 12. Security Ownership of Certain Beneficial Owners and Management............. 9
Item 13. Certain Relationships and Related Transactions............................. 9
PART IV
-------
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K........... 9
SIGNATURES................................................................. 10
2
PART I
ITEM 1. BUSINESS
GENERAL
The Company is a designer and manufacturer of large scale, complex stamping
die systems used to form sheet metal parts. Most of the stamping die systems
sold by the Company are used in the production of automobile and truck body
parts such as roofs, hoods, fenders, doors, door frames, structural components
and bumpers. The following table sets forth the Company's sales (in millions)
and percentage of total sales by major customer in fiscal years 1999, 2000 and
2001.
YEAR ENDED AUGUST 31,
--------------------------------------------------------------------------------------------------------------------
CUSTOMER 1999 2000 2001
------------------------------------------- ---------------------- ---------------------- ----------------------
AMOUNT % AMOUNT % AMOUNT %
---------------------- ---------------------- ----------------------
DaimlerChrysler AG......................... $5.2 23% $8.6 34% 2.6 22%
Suppliers of DaimlerChryslerAG............. .9 4 3.7 15 -- --
Ford Motor Company......................... .1 * -- * 0.2 2
Suppliers of Ford Motor Co................. 2.6 11 4.7 19 3.0 25
General Motors Corporation................. 5.7 25 2.3 9 4.0 33
Suppliers of General Motors Corporation.... 2.9 13 -- * 1.9 16
Other auto and truck manufacturers
and their suppliers....................... 5.4 24 5.9 23 0.3 2
---------------------- ---------------------- ----------------------
Total Sales......................... $22.8 100% $25.2 100% $12.0 100%
====================== ====================== ======================
----------
* Less than 1.0% of the Company's total sales.
The Company was originally incorporated in 1967 and was incorporated in
its present form in 1988, under the laws of the State of Michigan.
INDUSTRY TRENDS
The automotive industry continues to evolve towards the early stages of
convergence between the OEM's and the supplier base. This trend should result in
the OEM's focusing their financial resources on marketing and distribution,
rather than manufacturing.
Other significant trends within the North American automotive industry
have had, and are likely to continue to have, an impact on the Company's
business. Over the past several years, the industry had required that its tool
suppliers utilize advanced computer integrated technology including high-speed
machining centers and design computer systems. These investments have required
significant capital investment by tooling suppliers including the Company.
During the past eighteen months, the OEM's have been utilizing a strategy of
awarding tooling contracts to the lowest bidder, including foreign tooling
manufacturers from Europe and Asia, despite the aforementioned technology
requirements. This has caused pricing compression in the industry, and when
combined with limited number of tooling contracts being released and exchange
rate factors, has caused tooling suppliers contract margins to decrease
significantly both on a domestic and a foreign basis.
3
During fiscal 2001, DaimlerChrysler implemented awarding tooling contracts
via an on-line bidding process using Covisint. This process involves having
"qualified" tooling suppliers, foreign and domestic, involved with bidding for
tooling contracts in an anonymous, on-line auctioning process. This process in
tandem with recent limited tooling contract availability has created tooling
contract pricing erosion that has lowered tooling contract margins on an
industry-wide basis.
The emphasis on designing and manufacturing more fuel-efficient vehicles as
the result of federal Corporate Average Fuel Economy regulation has produced
many new vehicle designs. In addition, automobile manufacturers are utilizing
lightweight, high strength steels and aluminum in new model designs in order to
decrease the weight of the vehicle and increase fuel efficiency. Therefore,
suppliers will be required to have the ability to work with these types of
materials in order to remain competitive. The Company has established experience
in manufacturing dies used in the production of structural components made of
light-weight, high strength steels and aluminum.
Efforts by OEMs and their suppliers to reduce labor and other manufacturing
costs have resulted in their tending to combine common parts into a single
stamping press and reduce the number of "hits" required to manufacture a part.
In addition, utilization of transfer presses has increased demand for transfer
dies to reduce labor cost at the OEMs and their suppliers.
PRODUCTS AND SERVICES
Dies. The Company's dies are used in the high-speed production of sheet
metal stamped parts and assemblies. Production of such parts is a multiple step
process involving a series of dies. Typically, the first die is used to cut the
appropriate size metal blank from a sheet or coil of steel. The next die draws
the metal blank into its primary shape and subsequent dies are used to bend
edges or corners, create flanges, trim off excess metal and pierce assembly
holes. A customer usually orders only one series of dies for each separate part.
Normally, the dies do not require replacement due to usage because the life of
well-maintained dies is sufficient to carry production to the point when styling
changes dictate production of new dies. The dies manufactured by the Company
generally include automation features, adding to the complexity of design and
construction. These automation features facilitate rapid introduction and
removal of the work piece or raw material into and out of the die, thereby
increasing production speeds and reducing labor cost for part manufacturers.
Simultaneous Engineering of Product and Process. The OEMs are developing
organizational structures involving internal design and engineering personnel as
well as supplier representatives which they are using to develop new car models.
These organizations are called "Platform" teams. This allows full implementation
of simultaneous engineering -- the application of the product engineering and
process engineering functions simultaneously and early in the process. The
Company utilizes advanced Computer Aided Design/Computer Aided Manufacturing
technology to design and manufacture its complex stamping dies. Due to this
advanced computer capability, the Company is able to work very closely with its
customers and is often assigned to these Platform teams early. Its process
engineering input facilitates the teams' goals of introducing new models rapidly
and efficiently. The Company has invested significantly to ensure that it
utilizes the latest advanced technology and is capable of receiving and working
directly from complex mathematical data received from its OEM customers.
Management's investment in, and commitment to, advanced technology has
solidified its quality reputation with its customers and helped the Company
maintain its tier one status.
Prototype Tooling and Parts. With the advent of Platform team and
simultaneous engineering methods, the Company has been involved in the design
and manufacture of both the prototype tooling, final production tooling and
specifying the final production process. Prototype tooling and parts are
utilized during the design phase of new models, which the automobile
manufacturers use to validate the fit and function of the respective components
and assemblies and the repeatability of the respective production processes. The
parts manufactured from prototype tools are also often used in crash testing.
Typically, prototype tools associated with the primary metal forming
operations are manufactured from an alloy casting or mild steel and subsequently
machined using the mathematical database and related Computer Numerically
Controlled ("CNC") programs. After machining, the prototype tools are assembled
and tested to validate the
4
integrity and repeatability of the final manufacturing process. The results of
the validation process are incorporated into the mathematical database, which
will then be used to manufacture the final production tools. After testing the
primary forming operations, prototype parts are manufactured using special means
such as computerized laser-cutting machines to trim off excess scrap and to
incorporate various slots and holes. These parts are then sent to the automobile
manufacturers for further testing and evaluation. The results of this testing
and evaluation may require the incorporation of additional design and
manufacturing process modifications prior to construction of the production
tooling.
MANUFACTURING
Traditionally, the die manufacturing process was comprised of various manual
steps performed by craftsmen. After being awarded a contract, the Company would
be presented with a wooden model of the part to be produced. From the model,
plaster tooling aids were constructed. The plaster tooling aids were then traced
and cut into steel. The steel was then ground, usually quite extensively, by
hand to fit. Validation was also done by hand, by measuring specific points on
the die face and comparing these to the original design blueprints. Today, the
design and most of the manufacturing process is computer-driven, which increases
accuracy and reduces the time required to produce a set of stamping dies.
The manufacturing process starts when the Company is assigned to a new
Platform team and simultaneous engineering begins. An electronic "model" of the
part to be produced is transmitted directly to the Company as a mathematical
database. Company engineers use the mathematical database to generate
computer-aided die designs and die face cutter path programs. These cutter path
programs are used by the toolmakers and machinists to manufacture the inner
workings of the tool. Most material is removed and the cutting is done by CNC
machine tools, which utilize the computer-generated cutter path programs.
Depending on the complexity of the tool, a prototype may be manufactured to
prove-out the manufacturing process or to provide actual parts for crash testing
and to test fit and function. Finally, after the die is constructed, it is
evaluated statistically for process repeatability and dimensional validation on
the Company's coordinate measuring machine. During this automated validation
process, the tool is statistically compared to the mathematical database. Having
the optimum size and quantity of tryout presses is an important aspect of the
construction and validation process, and the Company has therefore invested
heavily to ensure its capability in this area.
On average, 10 months elapse from the time the Company is awarded a contract
until the final set of dies is shipped to the customer. The OEMs continue to
strive to reduce the time required to introduce a new car model. In an attempt
to reduce leadtimes, OEMs are relying more heavily on simultaneous engineering
and integrating suppliers more closely into the design process. This trend has
helped the Company by requiring more direct relationships between the OEMs and
its suppliers such as the Company.
QS 9000/TE CERTIFICATION
The Company is certified under the Tooling and Equipment Supplement
("TE Supplement") QS-9000 and ISO-9000 Quality Standards. The TE
Supplement/QS-9000 standard was developed by DaimlerChrysler, Ford, and General
Motors to establish a single set of quality requirements for their tooling
suppliers. ISO 9000 is an international quality standard for all industries.
The TE Supplement has become the international standard of all quality
systems in the tooling industry, designed to ensure that systems are in place to
prevent defects from occurring in the design, manufacturing and validation
phases of our processes. The Company, by receiving the TE Supplement/QS-9000
certification, has demonstrated that its quality systems are in place to meet
customer requirements.
RAW MATERIALS
The steel, castings and other components utilized by the Company in the
manufacturing process are available from many different sources and the Company
is not dependent on any single source. The Company typically
5
purchases its raw materials on a purchase order basis as needed and has
generally been able to obtain adequate supplies of raw materials for its
operations.
MARKETING AND SALES
The Company's marketing emphasis is on DaimlerChrysler, Ford, and General
Motors and their tier one suppliers. The Company maintains excellent
relationships with DaimlerChrysler, Ford, and General Motors which directly
accounted for approximately 57%, in the aggregate, of the Company's revenues in
2001. For the year ended August 31, 2001, DaimlerChrysler, Ford, General Motors
and their tier one suppliers accounted for approximately 98% of the Company's
revenues.
Sales efforts are conducted primarily by the Company's Vice President of
Sales, President, senior management and project management personnel. Frequent
contact is made with domestic and foreign automobile manufacturers and their
purchasing agents, Platform managers and tier one suppliers. When the Company
has been assigned to a new model Platform Team, the Platform Team manager is
contacted to determine those parts and assemblies that will be assigned to
various required suppliers. During the design phase, the Company recommends
process and design changes to improve the cost and quality of the product.
Generally, when the Company is assigned to a Platform Team, orders are obtained
directly and without a formal bid process. The Company maintains a comprehensive
computer database with historical information regarding dies it has previously
manufactured. This assists the Company in quoting prices for dies and enables it
to respond to most quotation requests quickly and accurately. If the customer
decides to accept the Company's quotation, a purchase order is issued subject to
price adjustments for engineering changes requested by the customer. Where no
Platform Team is assembled, the Company bids on specific tooling assignments,
and bids are awarded on a competitive basis among a group of qualified
suppliers.
For business done with tier one suppliers, the Company's sales process
follows a more traditional process. The Company typically receives a package or
request for quotation from the tier one supplier and is less involved in the
design process of the part to be manufactured. Bids are generally awarded based
on technological capability, price, quality and past performance.
BACKLOG AND SEASONALITY
The Company's backlog of awarded contracts, of which all are believed to be
firm, was approximately $6.9 million and $10.6 million as of August 31, 2001 and
2000, respectively. Of the August 31, 2001 contract backlog, the Company expects
all backlog contracts will be reflected in sales during fiscal year ended August
31, 2002. The Company's sales of stamping dies do not follow a seasonal pattern;
however, the timing of new model introductions and existing model restyling
tooling programs are dependent on DaimlerChrysler, Ford and General Motors and
their introduction of new models.
COMPETITION
Large, complex automotive stamping dies are manufactured primarily by three
supplier groups: a) domestic independent tool and die manufacturers, b) foreign
independent tool and die manufacturers, and c) captive or in-house tool and die
shops owned and operated by the OEMs.
The independent tool and die manufacturer industry has significant barriers
to entry, which can reduce competition in the large-scale die market. These
barriers include the highly capital intensive and technically complex
requirements of the industry. Additionally attracting and retaining employees
skilled in the use of advanced design and manufacturing technology is a
multi-year process. Finally, a new competitor would most likely lack much of the
credibility and historical customer relationships that take years to develop.
Finally, the OEMs maintain in-house, captive tool and die capacity to meet a
portion of their needs. General Motors maintains the largest captive capacity
and, based on estimates from various trade publications, supplies an estimated
75-80% of its own die construction needs. Ford produces approximately 50% and
DaimlerChrysler 25%
6
of their own respective needs. Independent suppliers like the Company tend to
have a competitive advantage over the OEMs' in-house die shops due to the OEMs'
higher cost structure.
With the advent of simultaneous engineering in the automobile industry,
proximity of the OEM's design engineers may effect the placement of the die
manufacturer. However, foreign competition may have certain advantages over
domestic die manufacturers including lower capital costs, currency exchange
advantages, government assistance and lower labor costs. The Company believes
that it is one of eight die manufacturing companies on a global basis with the
large press capacity necessary to manufacture and validate large scale stamping
die systems.
EMPLOYEES
The Company's work force consists of approximately 103 full-time employees,
of which approximately 25 are salaried managerial and engineering personnel. The
balance are hourly employees engaged in manufacturing and indirect labor
support. Included among these hourly workers are approximately 82 skilled
tradesmen who are either journeymen tool and die makers or machinists. None of
the Company's employees are covered by a collective bargaining agreement. The
Company has not experienced any work stoppages and considers its relations with
its employees to be good. The Company has a discretionary contribution 401(K)
plan. The Company has no pension liabilities arising from any defined benefit
plan.
ENVIRONMENTAL MATTERS
The Company is subject to environmental laws and regulations concerning
emissions to the air, discharges to waterways, and generation, handling,
storage, transportation, treatment and disposal of waste materials. The Company
is also subject to other Federal and state laws and regulations regarding health
and safety issues. The Company believes that it is currently in compliance with
applicable environmental and health and safety laws and regulations.
ITEM 2. PROPERTIES
The Company's facilities are located in Grand Rapids, Michigan, and
consist of approximately 178,000 square feet of space, of which 28,000 square
feet is utilized for office, engineering and employee service functions.
Constructed in 1989, the facility is leased with a lease term of 20 years. The
facility lease provides for annual payments of $934,500 plus an escalation of
base rent of 1% for each of the first ten years and 2% for each of the second
ten years. The Company has a purchase option on the building at the fair market
value beginning in November 1996. The Company believes its facilities are
modern, well maintained, adequately insured and suitable for their present and
intended uses.
ITEM 3. LEGAL PROCEEDINGS
The Company is a Plaintiff in Kent County Circuit Case Number
01-02111-CZ asking for recovery of $850,000 in damages by Dana Corporation. This
matter arises out of a contract in the ordinary course of the Company's business
for the production of manufacturing stamping dies for an auto frame assembly.
The Company has counterclaimed against Plaintiff Dana Corporation for an
additional sum of approximately $1,000,000 for amounts unpaid in connection with
its services under the agreement. The Company believes it has adequate defenses
to the Plaintiff's claim as well as a sound basis for its counterclaim. The
Company intends to vigorously pursue not only defense of the Plaintiff's claim
but collection of its own counterclaims.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matter was submitted during the fourth quarter of the fiscal year,
covered by this report, to a vote of security holders through the solicitation
of proxies or otherwise.
7
PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
MATTERS
The Company's Common Stock is traded on the American Stock Exchange
("AMEX") under the symbol RTC. The common stock commenced trading on the AMEX on
March 7, 1997, as a result of the Company's initial public offering. Prior to
that date, there was no public market for the common stock. The table below sets
forth the high and low sales prices as reported by AMEX for each period
reported.
FISCAL 2000 FISCAL 2001
----------------------- -----------------------
HIGH LOW HIGH LOW
1st quarter...... $4.750 $3.1250 $3.0000 $1.750
2nd quarter...... $4.125 $3.3125 $2.7600 $1.750
3rd quarter...... $4.250 $2.6875 $2.3125 $0.900
4th quarter...... $3.750 $2.500 $2.2000 $1.250
As of October 19, 2001, the Company's common stock was held by 48
registered holders of record and approximately 663 beneficial shareholders.
The Company has not historically paid cash dividends on its common
stock. The payment of common stock cash dividends is within the discretion of
the Company's Board of Directors, with prior written consent of its primary
lender; however, in view of the potential working capital needs and in order to
finance future growth, it is unlikely that the Company will pay any cash
dividends on its common stock in the foreseeable future.
On November 2, 1998, the Company's Board of Directors declared a
five-percent common stock dividend, payable on December 18, 1998, to all
shareholders of record on November 17, 1998. On December 18, 1998, an additional
153,245 common shares were issued as a stock dividend.
On November 24, 1999, the Company's Board of Directors declared a
five-percent common stock dividend, payable on February 1, 2000, to all
shareholders of record on December 29, 1999. On February 1, 2000, an additional
160,865 common shares were issued as a stock dividend.
ITEM 6. SELECTED FINANCIAL DATA
Information required by this Item 6 is incorporated by reference to
page 17 and 18 of the Company's 2001 Annual Report to Stockholders filed as
Exhibit 13 hereto.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Information required by this Item 7 is incorporated by reference to
pages 19 - 22 of the Company's 2001 Annual Report to Stockholders filed as
Exhibit 13 hereto.
ITEM 8. FINANCIAL STATEMENTS & SUPPLEMENTAL DATA
The Registrant hereby incorporates the financial statements required by
this Item 8 by reference to Item 14(a)(1) hereof, and the supplementary
financial information required by this Item 8 by reference to page 17 - 33 of
the Company's 2001 Annual Report to Shareholders filed as Exhibit 13 hereto.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
None.
8
PART III
The Registrant hereby incorporates the information required by Form
10-K, Items 10-13 by reference to the Registrant's definitive proxy statement
for its 2001 annual meeting of shareholders which was filed with the Commission
prior to November 20, 2001.
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
(a) The following documents are filed as a part of this report:
1. Financial Statements - The following financial statements and the
report of independent auditor set forth on pages 23 - 37 of the
Company's 2001 Annual Report to Shareholders filed as Exhibit 13 hereto
are incorporated by reference in this Annual Report on Form 10-K.
- Balance Sheets as of August 31, 2001 and 2000
- Notes to Financial Statements
- For each of the three years in the period ended
August 31, 2001:
Statements of Common Shareholders' Equity
Statements of Operations
Statements of Cash Flows
- Report of Independent Auditor
2. Financial Statement Schedules - No such schedules are included because
of the absence of the conditions under which they are required, or
because the information called for is included in the financial
statements or notes thereto.
3. Exhibits
10(s) First Amendment to Loan Documents between Registrant and Old
Kent Bank dated June 9, 2000 (incorporated by reference to
Exhibit 10(s) of the Registrant's Form 10K, filed November
20, 2000).
10(t) $1.0 million, Non-Revolving 2000 Equipment Line of Credit
between Registrant and Old Kent Bank dated June 9, 2000
(incorporated by reference to Exhibit 10(t) of the
Registrant's Form 10K, filed November 20, 2000).
10(u) Employment Agreement between Registrant and Kenneth K. Rieth
dated November 24, 1999 (incorporated by reference to
Exhibit 10(u) of the Registrant's Form 10K, filed November
20, 2000).
10(v) Second Amendment to Loan Documents between Registrant and
Fifth Third Bank, f/k/a Old Kent Bank, dated September 23,
2001.
10(x) Third Amendment to Loan Documents between Registrant and
Fifth Third Bank, f/k/a Old Kent Bank, dated October 26,
2001.
13 2001 Annual Report to Shareholders.
21 Subsidiaries - None
(b). Reports filed on Form 8-K - None.
9
SIGNATURES
Pursuant to the requirement of Section 13 or 15(d) of the Securities
and Exchange Act of 1934 the Registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
Dated: November 12, 2001 RIVIERA TOOL COMPANY
By: /s/ Kenneth K. Rieth
-----------------------------
Kenneth K. Rieth, Principal
Executive Officer
and
By: /s/ Peter C. Canepa
-----------------------------
Peter C. Canepa, Principal
Financial and
Accounting Officer
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below on the 12th day of November, 2001, by the
following persons on behalf of the Company and in the capacities indicated.
Each Director of the Company whose signature appears below hereby
appoints Kenneth K. Rieth and Peter C. Canepa, and each of them individually, as
his attorney-in-fact to sign in his name and on his behalf as a Director of the
Company, and to file with the Commission any and all amendments to this report
on Form 10-K to the same extent and with the same effect as if done personally.
/s/ Leonard H. Wood /s/ Kenneth K. Rieth
--------------------------- --------------------------------
Leonard H. Wood, Director Kenneth K. Rieth, Director
/s/ John C. Kennedy /s/ Daniel W.Terpsma
--------------------------- --------------------------------
John C. Kennedy, Director Daniel W. Terpsma, Director
/s/ Thomas H. Highley
---------------------------
Thomas H. Highley, Director
SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION
15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO
SECTION 12 OF THE ACT.
Not Applicable.
10
EXHIBIT INDEX
Exhibit No. Description
----------- -----------
10(s) First Amendment to Loan Documents between Registrant and Old
Kent Bank dated June 9, 2000 (incorporated by reference to
Exhibit 10(s) of the Registrant's Form 10K, filed November
20, 2000).
10(t) $1.0 million, Non-Revolving 2000 Equipment Line of Credit
between Registrant and Old Kent Bank dated June 9, 2000
(incorporated by reference to Exhibit 10(t) of the
Registrant's Form 10K, filed November 20, 2000).
10(u) Employment Agreement between Registrant and Kenneth K. Rieth
dated November 24, 1999 (incorporated by reference to
Exhibit 10(u) of the Registrant's Form 10K, filed November
20, 2000).
10(v) Second Amendment to Loan Documents between Registrant and
Fifth Third Bank, f/k/a Old Kent Bank, dated September 23,
2001.
10(x) Third Amendment to Loan Documents between Registrant and
Fifth Third Bank, f/k/a Old Kent Bank, dated October 26,
2001.
13 2001 Annual Report to Shareholders.
21 Subsidiaries - None